EU Programme for Employment and Social Innovation: €200 million for microfinance institutions and social enterprise lenders across Europe
The European Union, the European Investment Fund (EIF), and the European Investment Bank (EIB) have launched a €200 million loan fund to support lending to micro-enterprises and social enterprises under the EU Programme for Employment and Social Innovation(EaSI). Commenting on the new EaSI loan fund, Marianne Thyssen, Commissioner for Employment, Social Affairs, Skills and Labour Mobility, said: “We are delighted about the launch of this new loan fund under our Programme for Employment and Social Innovation that will give a sizeable boost to microfinance institutions and social enterprise lenders in Europe. This new fund is another addition to the toolbox of EU level instruments dedicated to social finance. Moreover, it reflects the EU’s unwavering commitment to delivering on the European Pillar of Social Rights, building a more inclusive and fairer Europe, and supporting equal opportunities and access to the labour market.” In line with the EU’s policy objectives, the fund will promote microfinance and social entrepreneurship in EU Member States and other participating countries, by encouraging microfinance institutions and social enterprise lenders to increase funding for micro-enterprises as well as social enterprises as a means of supporting financial and social inclusion. The loan fund will provide senior and subordinated loans to microfinance institutions and social enterprise lenders in order to boosting their lending capacity. It expands the range of EU level financial instruments available under the EaSI programme.